Tokenized commodities eye next phase of growth as gold, silver and oil move onchain
Summary
Executives at Paxos Labs, Theo and Energy Substantiation say tokenized commodities could expand beyond gold into lending, silver leases and energy trading. The market reached $5.55 billion by March 2026, up from $1.43 billion at the start of 2025, with gold tokens driving most growth. Paxos’s PAXGy and Theo’s thSLVR aim to pass lending or lease income to holders while maintaining metal exposure, though returns and asset values are subject to risks. Energy Substantiation has expanded its WTI oil token to Solana and is developing natural gas and Brent products. Wider adoption will depend on verifiable physical inventories, custody and settlement. Executives forecast substantial long-term growth, but these projections are not guaranteed.
